Governor DeSantis Activates the Florida Small Business Emergency Bridge Loan Program

|Article
Lowndes

In the wake of the economic impact of the Coronavirus (COVID-19), Governor DeSantis has activated the Florida Small Business Emergency Bridge Loan Program. The short-term, interest-free loans are intended to help bridge the gap between the time the economic impact occurred and when a business secures other financial resources, including payment of insurance claims or longer-term SBA loans. Up to $50 million has been allocated for the program.

The Florida Small Business Emergency Bridge Loan Program offers loans of up to $50k per small business, and loans of up to $100k may be made in some special cases. The loans will be interest free for a term of one year and thereafter there will be a rate of 12% per annum on the unpaid balance.

Applications will be accepted under the program through May 8, 2020 (contingent on available funds). Applications will be accepted by qualified for-profit, privately held small businesses that maintain a place of business in the state of Florida. All qualified applicants must have been established prior to March 9, 2020, and suffered economic injury as a result of the designated disaster.

The program will be managed by the Florida Department of Economic Opportunity. The information required to apply for an Emergency Bridge Loan can be found here: https://floridadisasterloan.org/. All counties in Florida have been designated as disaster areas for purposes of this program.

Additional disaster assistance loans may become available to Florida Small Businesses soon. The United States Small Business Administration (the “SBA”) has announced that it will be providing small businesses impacted by the Coronavirus (COVID-19) up to $2 Million in Disaster Assistance Loans. The disaster assistance loans will become available to Florida Small Business following a request from Governor DeSantis.

The SBA is coordinating directly with state governors to submit requests for Economic Injury Disaster Loan assistance. Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available to small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by the Coronavirus (COVID-19).


This article is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read here. Please review the full disclaimer for more information. Relying on the information provided in this article or communicating with Lowndes through our website does not create an attorney/client relationship.

Related Expertise

Jump to Page

We use cookies on our website to improve functionality and collect statistical information on our website traffic. For details on how we use cookies, please see our Privacy Policy. By using this website, you agree to our Privacy Policy and Terms of Use

Necessary Cookies

Necessary cookies enable core functionality such as security, network management, and accessibility. This type of cookie does not collect any personally identifiable information about you and does not track your browsing habits. You may disable necessary cookies by changing your browser settings, but this may affect how the website functions.

Analytical Cookies

Analytical cookies (also known as performance cookies) help us improve our website by collecting and reporting information on its usage at an aggregate level. You may disable analytical cookies by clicking on the Manage Cookies button.